The reason that most individuals are in debit is due to the overuse as well as irresponsible use of credit cards. Banks should not issue credit cards unless they are completely sure of an individual’s ability to pay back their debits.
To what extent do you agree with this?

In
this
modern word, almost all the processes has
gone vir
Suggestion
have gone
tual, payment and selling are not the exception.
Cred
it
Suggestion
A credit card
The credit card
card
which is well-known as one of the plastic money gives purchasing power to the person even if he or she does not have enough cash.
This
has made peop
le extravagant and
Accept comma addition
people, extravagant
put them in debt
which cau
Accept comma addition
debt, which
ses dangerous consequences for both people and the
card
issuer. To resolve
this
problem, the bank should check the history of the applicant’s
credit
records before issuing
this
facility.
To begin
with, as people could purchase without thinking the price and the income, they become imprudent and would purchase the things which they might not need.
This
tendency of the consumer increases liabilities and make
the
Suggestion
makes
m bankrupt.
Also
, the citizen are not conscious about
credit
limit and due date of the payment.
This
means they will have to pay heft
y premium of
Suggestion
a hefty premium
hefty premiums
the interest which is more than any loan like home
loan or
Suggestion
a home loan
home loans
vehicle loan. As they end up without the money, they might not be able to compensate.
Thus
,
credit
card
certainly brings a failure if not used judiciously.
This
failure affects the economy of the country as a financial institute and its stakeholders are harmed economically. Owing to the customer under high
ly deb
Suggestion
high
it who does not have enough liquid to pay back, the bank would have to use external forc
es like deb
Accept comma addition
forces, like
t collection agency which may use wron
g ways for
Suggestion
the wrong ways
such
repayments.
This
could make the negative publicity for the organization and its stock price may fall.
On the other hand
, the ruined patriot
also
suffers financially and mentally.
For instance
, the one who cannot repay may lose its property and capi
tal which dis
Accept comma addition
capital, which
turbs him economically and psychologically. Under
such
pressures, person may attempt to suicide.
Thus
, these disastrous consequences insist a background check by the financial agencies before providing a
credit
card
. To conclude, I strongly believe there should be a stringent rule by the company to provide the
credit
limit below the salary.
Such
rules ensure win-win situation for both the corporation and customer of the
credit
card
.
Suggestion
cards
Submitted by sumayaothman96 on

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